CIBC Upgrades BlackBerry (NYSE:BB) to Sector Outperform

CIBC upgraded shares of BlackBerry (NYSE:BB) from a neutral rating to a sector outperform rating in a report released on Thursday, Marketbeat Ratings reports.

A number of other equities research analysts have also issued reports on BB. Royal Bank of Canada restated a sector perform rating and issued a $3.00 price target on shares of BlackBerry in a research report on Thursday, April 4th. Robert W. Baird cut their target price on BlackBerry from $3.50 to $3.00 and set a neutral rating for the company in a research note on Thursday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $3.45.

BlackBerry Stock Up 10.9 %

Shares of NYSE:BB opened at $2.45 on Thursday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.25. BlackBerry has a 1 year low of $2.20 and a 1 year high of $5.75. The business’s 50 day moving average price is $2.76 and its 200-day moving average price is $2.97.

BlackBerry (NYSE:BB) last released its earnings results on Wednesday, June 26th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $144.00 million during the quarter, compared to analyst estimates of $132.05 million. BlackBerry had a negative net margin of 25.80% and a negative return on equity of 6.30%. The company’s revenue for the quarter was down 61.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.04 earnings per share. On average, equities analysts anticipate that BlackBerry will post -0.09 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Highlander Capital Management LLC boosted its position in BlackBerry by 77.8% in the 4th quarter. Highlander Capital Management LLC now owns 8,000 shares of the company’s stock valued at $28,000 after buying an additional 3,500 shares during the period. Duality Advisers LP grew its stake in BlackBerry by 4.1% during the 4th quarter. Duality Advisers LP now owns 97,086 shares of the company’s stock worth $344,000 after purchasing an additional 3,837 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in BlackBerry by 6.4% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 65,535 shares of the company’s stock worth $232,000 after purchasing an additional 3,958 shares during the period. Private Advisor Group LLC raised its position in BlackBerry by 28.4% in the 4th quarter. Private Advisor Group LLC now owns 25,522 shares of the company’s stock valued at $90,000 after purchasing an additional 5,645 shares in the last quarter. Finally, Maryland State Retirement & Pension System raised its position in BlackBerry by 1.8% in the 1st quarter. Maryland State Retirement & Pension System now owns 351,339 shares of the company’s stock valued at $989,000 after purchasing an additional 6,196 shares in the last quarter. Institutional investors and hedge funds own 54.48% of the company’s stock.

BlackBerry Company Profile

BlackBerry Limited provides intelligent security software and services to enterprises and governments worldwide. The company operates through three segments: Cybersecurity, IoT, and Licensing and Other. The company offers CylanceENDPOINT, an integrated endpoint security solution; CylanceGUARD, a managed detection and response solution; CylanceEDGE, an AI-powered continuous authentication zero trust network access solution; CylanceINTELLIGENCE, a contextual cyber threat intelligence service; BlackBerry Dynamics offers a development platform and secure container for mobile applications; BlackBerry Workspaces a secure Enterprise File Sync and Share (EFSS) solution; BlackBerry Messenger (BBM) Enterprise, an enterprise-grade secure instant messaging solution for messaging, voice and video; BlackBerry SecuSUITE is a certified, multi-OS voice and text messaging solution; BlackBerry AtHoc, a secure networked critical event management solution; and BlackBerry unified endpoint management (UEM) solutions.